Pakistan is a nation with a fast expanding population and a diverse cultural history. The nation has always faced economic difficulties despite its potential. The economy has been in decline for several reasons, including political unrest, crime, bad leadership, a lack of infrastructural development, and an ineffective tax structure. Who is to blame for Pakistan’s economic collapse remains a mystery. We shall examine the numerous causes of Pakistan’s economic collapse in this article and determine who is to blame.
Introduction
Pakistan’s economy has been struggling for decades, and the country still has significant rates of unemployment and poverty. The nation has struggled with political unrest, rampant corruption, and inadequate infrastructural growth. Due to the economy’s inability to keep up with the population rise, poverty, and unemployment have increased. Who is to blame for Pakistan’s economic collapse is a difficult and varied subject.
Historical Background
Since gaining independence from British domination in 1947, Pakistan has experienced several difficulties. Corruption, political instability, and military coups have all afflicted the nation. The military has had a significant impact on the economy because military leaders frequently prioritize defense investment above social and economic growth.
Political Instability
One of the main factors contributing to Pakistan’s economic decline is political instability. The nation has had many leadership changes, with military coups toppling democratically elected administrations. Investor trust in the nation has decreased as a result of the absence of long-term economic planning and policy continuity brought on by the instability.
Corruption
Another important factor in Pakistan’s economic downturn is corruption. With several public officials being charged with embezzlement, bribery, and other corrupt activities, the nation has a low score on the Corruption Perceptions Index. The lack of competent government brought about by corruption has prevented investment in the nation.
Lack of Infrastructure Development
Lack of economic growth and job creation are the results of Pakistan’s put-off and insufficient infrastructural development. The absence of adequate ports, highways, trains, and roadways prevents the nation from exporting products and services. This has prevented the country from attracting foreign investment, which has prevented economic progress.
Weak Tax System
Only a small portion of the population in Pakistan pays taxes, making the country’s tax system ineffective and weak. Due to a lack of cash creation, social services, and infrastructure development have not been adequately funded.
Conclusion
Pakistan’s economy is in decline due to some issues, including political unrest, crime, a lack of investment in infrastructure, and an ineffective tax structure. To boost the economy and raise residents’ standards of living, the government must act right once to solve these problems.
